The key characteristic of oligopoly is
a. that firms are price takers
b. strategic interaction among firms
c. strategic independence among firms
d. that firms deal with few resource suppliers
e. a low minimum efficient scale of production
B
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In a matched sale-purchase transaction, the Fed
A) buys securities from a dealer and the dealer agrees to buy them back. B) sells securities to a dealer and the dealer agrees to sell them back. C) buys securities from one dealer and sells the same dollar amount of securities to another dealer. D) sells securities to one dealer and buys the same dollar amount of securities from another dealer.
Suppose that total cost is given by TC = 200 + 5Q – 0.4Q2 + 0.001Q3
a. Fixed cost (FC) is $200 b. Variable cost (VC) is 5Q – 0.4Q2 + 0.001Q3 c. Average variable cost (AVC) is 5 – 0.4Q + 0.001Q2 d. Marginal cost (MC) is 5 – 0.8Q +.003Q2 e. All of the above are correct
Identify examples of microeconomics and macroeconomics: How the government responded to the recent recession
To explore the rationale for specialization, economists use the:
A. marginal principle. B. principle of opportunity cost. C. real-nominal principle. D. principle of marginal exchange.